Canadian Manufacturing

Scotiabank signs deal for Banco Dominicano del Progreso in the Dominican Republic

Scotiabank says its customer base in the country will double to about 500,000


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TORONTO – Scotiabank says it has reached a deal to acquire Banco Dominicano del Progreso, a bank with operations in the Dominican Republic.

The Canadian bank, which has been focused on expanding its presence in Latin America, says the transaction is not financially material.

Scotiabank says the acquisition will make it the Dominican Republic’s fourth-largest loan provider and fourth-largest full-service bank as measured by assets.

Its customer base in the country will double to about 500,000.

Banco Dominicano del Progreso’s operations include 57 branches, 188 ABMs and 367 banking sub-agents.

Until regulatory approval is obtained and the transaction closes, all operations are expected continue to operate as usual.

 

News from © Canadian Press Enterprises Inc. 2016

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